ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 6.9% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) fell 6.9% during trading on Thursday . The stock traded as low as $9.37 and last traded at $9.56. 274,106 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 516,152 shares. The stock had previously closed at $10.27.

Analyst Ratings Changes

Several brokerages recently commented on ORIC. Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price on the stock. Stifel Nicolaus assumed coverage on shares of ORIC Pharmaceuticals in a research note on Friday, September 6th. They issued a “buy” rating and a $20.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. HC Wainwright reissued a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Tuesday. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Trading Down 14.0 %

The firm has a market cap of $622.87 million, a P/E ratio of -4.93 and a beta of 1.13. The company’s 50 day simple moving average is $9.72 and its 200-day simple moving average is $9.33.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.01). On average, sell-side analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current year.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ORIC Pharmaceuticals by 162.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock valued at $36,000 after purchasing an additional 3,188 shares during the last quarter. Quest Partners LLC increased its position in shares of ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after purchasing an additional 7,440 shares during the last quarter. Creative Planning purchased a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter valued at about $116,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter valued at about $132,000. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after purchasing an additional 5,646 shares during the last quarter. Hedge funds and other institutional investors own 95.05% of the company’s stock.

About ORIC Pharmaceuticals

ORIC Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of therapies for treatment of cancers in the United States. Its clinical stage product candidates include ORIC-114, a brain penetrant orally bioavailable irreversible inhibitor, currently under Phase 1b study, which is designed to selectively target epidermal growth factor receptor and human epidermal growth factor receptor 2 with high potency towards exon 20 insertion mutations; ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 for prostate cancer, currently under Phase 1b study; and ORIC-533, an orally bioavailable small molecule inhibitor of CD73, currently under Phase 1b study, being developed for resistance to chemotherapy- and immunotherapy-based treatment regimens.